Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate change
• Safety
• Workforce diversity
• Community investment
• Corporate governance
• Anti-corruption
• Sustainable development

Environmental Achievements

• Reduced flared gas by 19.7% on a month per well basis compared to 2019.
• Implemented a Leak Detection and Repair program at the Moftinu Gas Plant, reducing emissions by 69.96% of the total emission.
• Initiated a project to install solar panels at the Moftinu Gas Plant to reduce electricity costs and operating costs.

Social Achievements

• Maintained a zero frequency rate for Total Recordable Injuries across all sites in Romania and Tunisia.
• 50% of staff in Romania are women, while in Tunisia 32% of the local head office are female.
• Conducted 62 HSSE training drills and asset protection drills in Tunisia and 168 HSSE training sessions in Romania.
• Implemented CSR programs in Tunisia focusing on healthcare, education, and culture, including support for a handicraft center for women in Kébili.

Governance Achievements

• Established an Environmental, Social and Governance (ESG) Committee.
• Successfully restructured its capital structure, becoming debt-free.
• Implemented an Anti-Bribery and Corruption (ABC) program.

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impacting operations and commodity prices.
• Inability to fulfill seismic commitment in Romania due to COVID-19 restrictions.
• Low commodity prices.
• Environmental incidents at Sabria and Chouech fields in Tunisia.
• Social tensions and political instability in Tunisia.

Mitigation Strategies

• Implemented operational and monitoring protocols to ensure employee health and safety during the COVID-19 pandemic.
• Renegotiated concession terms in Romania, replacing seismic commitment with well drilling commitments.
• Successfully completed a debt restructuring with the EBRD, becoming debt-free.
• Implemented cost-cutting measures.
• Addressed environmental incidents through repairs and mitigation measures.
• Continued engagement with local stakeholders in Tunisia despite political instability.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Specific prohibitions against forced labor in contracting processes.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Adverse investor sentiment towards oil and gas sector
• Reduction in demand for oil and gas

Opportunities

• Development of energy-efficient products and renewable energy sources

Reporting Standards

Frameworks Used: TCFD

Certifications: ISO 14001:2015 (Romania), ISO 9001:2015 (Romania), ISO 45001:2018 (Romania)

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• SDG 13 (Climate Action)

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate Change
• Environmental Protection
• Health and Safety
• Community Relations
• Corporate Governance
• Anti-Corruption
• Human Rights

Environmental Achievements

• Moftinu Gas Plant reached 1,000 accident-free days of continuous operation.
• No spills or environmental incidents at the Moftinu Gas Plant since its commissioning in 2019.
• Successful Leak Detection and Repair program at Moftinu Gas Plant, reducing emission loss by 264 kg/year.
• Trial project to install solar panels at Moftinu Gas Plant, producing 2.7 MWh of electricity.
• Reduced gas flaring by 14.3% on a month per well basis compared to 2020.
• Zero environmental incidents at Sabria and six minor incidents at Chouech (Tunisia) which were addressed and repaired.

Social Achievements

• Zero Lost Time Injuries recorded across both Tunisia and Romania operations.
• 53 HSSE training drills and asset protection drills in Tunisia, 288 HSSE training sessions in Romania.
• Implementation of COVID-19 protection measures for workforce.
• 50% of staff in Romania are women, 32% of local head office staff in Tunisia are women.
• CSR program in Tunisia supporting healthcare, education, and culture.
• Participation in the Kebili CSR Consortium promoting regional development.

Governance Achievements

• Established an Environmental, Social and Governance (“ESG”) Committee.
• Compliance with the Quoted Companies Alliance Corporate Governance Code.
• Implementation of Anti-Bribery and Corruption (“ABC”) program including due diligence on new vendors and annual training for all personnel.

Climate Goals & Targets

Environmental Challenges

• Excess carbon monoxide levels from older compressors, heaters, and generators in Tunisia.
• Social tensions and political instability in Tunisia impacting CSR program execution.
• Managing climate-related financial risks in a dynamic environment.

Mitigation Strategies

• Implemented a short- and medium-term action plan with an enhanced preventative maintenance program to address CO emissions in Tunisia.
• Continued engagement with local stakeholders in Tunisia despite political instability.
• Applying governance, risk management and strategy processes to manage climate-related financial risks and integrate into the corporate strategy.

Supply Chain Management

Responsible Procurement

• Specific prohibitions against the use of forced, compulsory or trafficked labour in contracting processes.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: TCFD

Certifications: ISO 14001:2015 (Romania), ISO 9001:2015 (Romania), ISO 45001:2018 (Romania)

UN Sustainable Development Goals

• SDG 13 (Climate Action)

Environmental Metrics

ESG Focus Areas

• Climate Change
• Safety
• Community Investment
• Workforce Diversity
• Governance

Environmental Achievements

• Converted Canar-1 well into a solar-powered water injection well, resulting in approximately $800,000 annual cost savings and 91% reduction in water transportation costs.
• Achieved 1,347 accident-free days of continuous operation at the Moftinu Gas Plant in Romania (as of year-end 2022).
• Nine solar panels installed at Moftinu gas plant generated 27.44kWh of energy in 2022, offsetting 9,007kg of CO2 emissions.
• Successful Leak Detection and Repair program at Moftinu Gas Plant, reducing emission loss by 1,489 kg/year.

Social Achievements

• Zero-frequency rate for Total Recordable Injuries across all Romanian and Tunisian sites (2022).
• 30% of staff in Romania are women; 32% of local head office staff in Tunisia are women.
• Implemented a CSR program in Tunisia focusing on healthcare, education, and culture, including support for hospitals, schools, and local cultural events (though impacted by social and political instability).
• 52 HSSE training drills and asset protection drills in Tunisia; 336 HSSE training sessions in Romania.

Governance Achievements

• Adopted and complies with the Quoted Companies Alliance Corporate Governance Code.
• Implemented an Anti-Bribery and Corruption (ABC) program including due diligence on vendors, annual training for all personnel, and whistleblowing arrangements.
• Successfully concluded arbitration against former partner, securing 100% working interest in Satu Mare concession.

Climate Goals & Targets

Environmental Challenges

• Natural production declines in Romania's shallow gas field.
• Delays in Tunisia's artificial lift program due to the default of the national rig company (CTF).
• Inflationary pressures on costs.
• Unsuccessful exploration wells (Canar-1 and Moftinu Nord-1) in Romania.
• Social and political turmoil in Tunisia impacting CSR initiatives.

Mitigation Strategies

• Focus on finding the next Moftinu-like opportunity within the Satu Mare Concession.
• Pre-ordered pumps for the Tunisian artificial lift program in advance.
• Implemented cost control measures.
• Converted Canar-1 well to a water injection well.
• Engaged independent geological and geophysical consultants for a block-wide technical review in Romania.
• Continued to engage with local stakeholders in Tunisia despite political instability.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Specific prohibitions against forced labor in contracting processes.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: TCFD

Certifications: ISO 14001:2015, ISO 9001:2015, ISO 45001:2018

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• SDG 13 (Climate Action)

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate Change
• Health and Safety
• Environmental Protection
• Social Responsibility
• Corporate Governance
• Anti-Corruption

Environmental Achievements

• Moftinu Gas Plant reached 1,750 accident-free days of continuous operation.
• Zero spills or environmental incidents at the Moftinu Gas Plant since 2019.
• Installation of nine solar panels at Moftinu gas plant, offsetting 9.007kg of CO2 emissions.
• Successful Leak Detection and Repair program at Moftinu Gas Plant, reducing emission loss by 1.5 kg/year.
• Below threshold levels of potential pollutants at Sabria field in Tunisia, demonstrating efficacy of water disposal project.
• Reduced diesel consumption by 2% compared to 2022.

Social Achievements

• Zero Lost Time Injuries recorded across Tunisia and Romania operations.
• Implementation of COVID-19 protection measures for workforce.
• 30% of staff in Romania are women, 39% of local head office staff in Tunisia are women.
• Implementation of Corporate Social Responsibility (CSR) program in Tunisia supporting healthcare, education, and culture.
• 47 HSSE training drills and asset protection drills in Tunisia, 240 HSSE training sessions in Romania.

Governance Achievements

• Compliance with the Quoted Companies Alliance Corporate Governance Code.
• Implementation of Anti-Bribery and Corruption (ABC) program including due diligence on vendors and annual training for personnel.

Climate Goals & Targets

Environmental Challenges

• Social tensions and political instability in Tunisia impacting CSR program execution.
• CO emissions from older fixed equipment in Tunisia exceeding thresholds.
• Managing climate-related financial risks in a dynamic environment.

Mitigation Strategies

• Short and medium-term action plan with enhanced preventative maintenance program to address CO emissions in Tunisia.
• Continued investigation of alternative environmentally responsible produced water disposal solutions.
• Applying governance, risk management and strategy processes to manage climate-related financial risks.

Supply Chain Management

Responsible Procurement

• Specific prohibitions against forced labor in contracting processes.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: TCFD

Certifications: ISO 14001:2015, ISO 9001:2015, ISO 45001:2018

UN Sustainable Development Goals

• SDG 13 (Climate Action)